Incorporated in the Republic of South Africa
(Registration No. 1924/002590/06)
Share code: AFE ISIN No. ZAE000000220
(“AECI” or “the Group” or “the Company”)
In compliance with the JSE Limited Listings Requirements, shareholders are advised that for the half-year ended 30 June 2014 (“the period”) AECI’s earnings per share (“EPS”) are expected to be between 45% and 55% higher than the 356 cents of the prior corresponding period. Headline earnings per share (“HEPS”) are expected to be between 5% and 15% higher than the 356 cents of the prior corresponding period.
On 20 March 2014, AECI received cash of R1 061 million (including VAT) in consideration of the disposal by the AECI Group of its surplus property assets at Modderfontein. Profit from operations relating to the transaction was R421 million before tax. This was included in EPS. Owing to the nature of the property sold, only R240 million of the R421 million was recognised as revenue profit before tax and therefore included in HEPS.
The HEPS benefits of the property transaction were offset, in part, by the negative impact of the strikes in South Africa’s platinum mining sector on the Group’s businesses between January and June.
The Company is currently finalising its results for the period and it is expected that these will be released on SENS on or about Tuesday, 29 July 2014.
The forecast financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors.
22 July 2014
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)